Europe’s economy barely grew in the fourth quarter of 2009 vs. the third quarter (sequentially), and actually fell 2.3% on a year-over-year basis vs. the fourth quarter of 2008.
Euro area1 (EA16) GDP was stable and EU27 GDP increased by 0.1% during the fourth quarter of 2009, compared with the previous quarter, according to second estimates from Eurostat, the statistical office of the European Union. In the third quarter of 2009, growth rates were +0.4% in the euro area and +0.3% in the EU27.
In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the fourth quarter of 2009 by 2.2% in the euro area and by 2.3% in the EU27, after -4.1% and -4.3% respectively in the previous quarter.
This was the second GDP estimate for Q4. Now contrast the result above with the latest U.S. Q4 GDP report:
Real gross domestic product — the output of goods and services produced by labour and property located in the United States — increased at an annual rate of 5.6 per cent in the fourth quarter of 2009, (that is, from the third quarter to the fourth quarter), according to the “third” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.2 per cent.
While the European Q4 GDP was ‘less bad’ vs. Q3, relative economic strength continues in the U.S..
Asian markets ended positive overnight, but European markets are in the red.
See the full Eurostat release below.
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